This brings the total number of Current Account Switch Service (CASS) switches to over 11.6 million since its launch, according to its latest figures.
The CASS aims to make the process of switching bank accounts smoother and easier, and it reported that the vast majority (99.7%) of switches were completed within just seven working days. Alongside this, awareness and satisfaction levels were 77% and 89% respectively in Q1 of this year (the period from 1 January to 31 March).
The CASS’ research also found that there were almost 223,000 switches in Q1 2025 across 53 participating banks and building societies.
A number of major banks regularly offer limited-time incentives to encourage account holders to switch, including NatWest, Lloyds and Santander.
The CASS found that Nationwide experienced the highest net gains for customer switching in Q4 2024 (from October to December), recording 51,254, while Lloyds was in a close second place with 50,061. They were followed by NatWest (with 7,279) and The Co-operative Bank (with 3,812).
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Switching is ‘driven by the sign-up bonuses on offer’
Alastair Douglas, CEO of TotallyMoney, said: “Today’s figures highlight that while current account switching remains popular, it’s driven by the sign-up bonuses on offer. The biggest winners late last autumn were Nationwide and Lloyds, who were paying customers £175 and £200 to switch, plus extras such as high savings rates, cashback, and other perks.
“And while NatWest was offering up to £180, there were numerous hoops to jump through, and the account carried a monthly fee. The offer was also open to existing NatWest customers, which could be why we saw a high number of people switching from NatWest current accounts, and why net gains were relatively low.”
He continued: “Loyalty doesn’t pay, but switching banks can. So, if you’re looking to bag a bonus now, First Direct is offering £175, and NatWest £150 – but you will have to tick a few boxes before they hand over the cash. So read the small print before jumping in, and have a think about the bigger picture. Access to a physical branch might be important to you, or you might benefit most from an interest-free overdraft or zero fees for foreign spending.
“Just don’t be put off, because switching is easy, and data shows that nine in 10 people are happy with the process. That’s because the Current Account Switch Service will automatically transfer direct debits and regular income to your new provider within seven days.”
